ClearVue leads Series C for China O2O catering service
ClearVue Partners has led a $10 million Series C round for Yummy Express, a Beijing-based start-up that provides logistics services for online-to-offline (O2O) food-ordering platforms. SBCVC also participated in the investment.
Yummy Express was founded in 2012 by a group of former employees from DHL and YCH Group. It focuses on meal delivery services for several major Chinese takeout O2O platforms including Baidu Waimai, Meituan-Dianping and Ele.me. Its services also cover Chinese consumer goods sales platforms launched by traditional companies, helping them deliver fresh goods such as cake and fresh fruit.
The start-up claims to have over 5,000 delivery men on its platform, who transport more than 200,000 meal orders every day in 18 Chinese cities. The new capital will be used to support Yummy Express' growth as it seeks to consolidate its market-leading position.
"We are entering a dynamic and transformational time in China's O2O meal delivery sector," said Harry Hui, founding managing partner at ClearVue, in a statement. "Yummy Express leads the ‘last mile' white-collar food delivery segment in China and is growing both in team size and geographic coverage - daily."
ClearVue focuses on consumer deals in Greater China, specifically in the food and beverage, consumer products and consumer mobile sectors. Previous investments include Chinese online grocer Fruitday, Japanese cuisine restaurant chain Askasakatei and Europe-based cosmetics products maker Intercos.
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